The drop in XRP began after the XRP price turned down to around $0.5570. However, if prices fall below the 100-hourly simple moving average (SMA), it can indicate a possible substantial correction in the price.
- XRP struggled near the $0.5570 zone and trimmed gains.
- The price now trades below $0.5350 and the 100-hourly Simple Moving Average.
- A connecting bearish trend line is forming with resistance at $0.5320 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must stay above the 100-hourly SMA to avoid a sharp decline.
XRP Price Dips Again
XRP Price Turns experienced resistance greater than $0.5570 after a steady increase. Just like Bitcoin and Ethereum, the price only temporarily peaked and began decreasing from the $0.5571 level. Beneath the $0.5420 point, the change took place. The price dropped below the $0.5571 high, half of the rise from the $0.5065 swing low remaining to the Fibonacci retracement level. The dive also broke through dive also broke through the 100-hourly simple moving average and the $0.5250 support level.
But, the move from $0.5065, the point of low price earlier o n, to $0.55,71, which was the highest point, is guarded by the b, who, who have set the 61.8% Fibonacci Retracement Level as the new lower point. The measure is more than the 100-hourly Simple Moving Average and $0.5250. There is instant resistance at the end near the $0.5310 mark. A linking drop shape can be noticed on the hourly chart of the XRP/USD pair, thus proving that it is a negative trend line with resistance at $0.5320. The first vital resistance is located at nearly $0.5350. The price will go up if it closes the $0.5350 resistance zone.
The next resistance level, next to $0.5450, is still crucial. If the bulls do good work and secure the price over the $0.5450 level, there may be a constant rise to the $0.5570 barrier level. If there is a price increase, it can hit the $0.5650 barrier level.
More Downsides?
A further price drop is feasible if XRP cannot break through the $0.5350 resistance level. The 100-hour simple moving average and the $0.5250 mark are the initial support areas for heading south. Another crucial support level can be encountered neaatlowlower bluenly $0.5185. The bearish sentiment may pick up. The original Text is vague and complicated if prices exceed (the downward movement led to a breach) the $0.5185 level. The cost will plunge if the bear’s next step takes the support level of $0.50.
Bullish Projections For XRP
Market analysts are getting more optimistic about XRP’s price trend, which has been the focus of much attention. The XRP Price Turns is currently stable at $0.5, although the coin struggles with the coveted $1 barrier. Over the years, XRP supporter and crypto expert JackTheRippler has accumulated enough tokens, and now he predicts that the XRP market will explode. The crypto researcher showed XRP’s historical price chart of 2017-2024 and the signals that might be the reason for the price to reach a new high.
According to ‘XRP Captain,’ a community member and crypto expert, this cryptocurrency could be on the verge of a breakout. He claimed that before June 2024, XRP will reach $0.7. Yesterday, XRP’s price decreased by 1.06 percent, with the trading price at $0.53, according to CoinMarketCap. The cryptocurrency has performed well over the last week, achieving a 6.67 percent rise due to several small rallies.
To perform a bullish breakout, increasing the positive trend and seeing more trading activity from investors is crucial for XRP. The cryptocurrency’s daily trading volume has slightly risen slightly25% over the past 24 hours, but t hast improved much.
FAQs
What levels should XRP stay above to avoid further declines?
XRP needs to stay above the 100-hourly SMA and the $0.5250 support level to avoid a sharp decline and potential further bearish movement.
What resistance levels does XRP need to break to see a price increase?
XRP must break through the $0.5350 resistance level to potentially rise toward the next key levels at $0.5450 and $0.5570.
What are the possible support levels if XRP continues to fall?
If XRP drops further, it could find support near the $0.5250 level, with additional crucial support at $0.5185 and $0.50.
Are there bullish projections for XRP's price in the near future?
Analysts are optimistic about XRP, with predictions suggesting it could reach $0.7 by June 2024, driven by positive market trends and increasing trading volume.
